What stories from the week should you catch up on?
Welcome to the latest news round up of the most interesting business and insolvency news stories from the past week that you might have missed while you’ve been busy helping clients and running your own business.
It’s been a busy news week so if you want to know what to do if you think your business’s engine warning light is flashing; What the most important upcoming tax and employment law changes are coming in 2025; How to avoid sleepwalking into a directors’ disqualification this year; how your accountant can help you more in 2025 – you can read all these stories and more at our advice centre page.
Microsoft London
Tech giants Microsoft announced that they were closing their physical London experience center in February.
First opened in 2019 in Oxford Circus with 21,000 square feet, the company issued a statement saying: “To better align with its focus on digital growth, Microsoft has decided to exit the lease at the Microsoft Experience Centre in London early.”
The building transitioned from a pure Microsoft store to an experience center and regularly used the space for business meetings and partner events, becoming a showcase for Microsoft products and services in recent years.
AllBright
A women-only private members’ networking and business club in London has gone into administration.
AllBright was formed on International Women’s Day in 2018 and named after the former US Secretary of State and her remark: “There’s a special place in Hell for women who don’t help each other.”
The business was sold to new investors in 2023 in a pre-pack administration deal.
A statement from the founders Debbie Wosskow and Anna Jones said: “We are very sad to see the business we co-founded failing in this way and hope the amazing members continue to find inspirational spaces in which to come together.”
CrepeAffair
A popular dessert chain has closed two of its 12 branches after going into administration.
Crepeaffaire, which specialises in savoury and sweet versions of the thin French pancakes, has closed its site in Chester and the Westfield shopping centre in London.
The brand has been acquired by Crepe Union and Crepe Trading, a group run by its existing founder and management team, in a pre-pack administration deal.
The business will continue to trade and all head office staff and a majority of store staff at the ten remaining sites have been retained.
A statement from managing director Allen Kerslake said: “We are pleased to announce this new venture with Crepeaffaire.
“The brand has a long and successful trading history in its UK home market with enormous growth potential” referencing the 25 existing sites across the globe including branches in the Netherlands and Saudi Arabia.
Sto Ltd
A Birmingham based external wall insulation specialist has gone into administration after receiving a winding up petition from its German parent company last month.
Sto Ltd is a subsidiary of Sto SE & Co which employs more than 5,700 people across nearly 40 countries.
Sto SE & Co issued a statement saying: “Our liquidation petition was filed before the board of directors of Sto Ltd filed their administration petition. Since Sto Ltd is now in administration, it is in the hands of the joint administrators to decide whether they file to liquidate the company, if and when they consider it necessary to do so.”
Glamcandy
An Edinburgh make-up academy has gone into compulsory liquidation after becoming financially unviable.
Glamcandy was a technical and vocational secondary education centre focused on teaching advanced make-up techniques.
Founded in 2011 by Hayley Harvey-Smith and her sister, she stepped down from her role as a director in December 2023 but continued to work for the business until she was dismissed for taking too many holidays while in charge of the company.
She was later awarded £50,000 in compensation after a tribunal found these trips to Bali were working trips and her dismissal was a “sham redundancy”.
A Sheriff Court Order for winding up was issued to the company on January 13 as a result of their financial distress.
Homeslice
A boutique pizza restaurant in London has gone into administration.
Homeslice was founded by Mark and Alan Wogan, sons of famous broadcaster Terry, in 2011 and has three sites in London.
A statement from the owners said: “The cost of production has gone up dramatically”. They admitted that profitability is around half of what it was pre-2019 and the number of diners prepared to spend is “remorselessly declining”.
They confirmed that they would not desert their creditors despite the critical challenges facing the business. They said: “Rents are significant but people are more significant. We have good people who rely on Homeslice for their living. We have a lot of staff who’ve been with us seven plus years.
“It’s really important as owners that we provide them with a living going forward. It’s very important to honour the creditors – that’s not who we are otherwise.”
EEK Graphics
A print management company in Liverpool has appointed liquidators and will be wound up voluntarily.
EEK Graphics provided a range of print services including printed stationary, business cards, labels, posters and neon signage.
A liquidator has been appointed who will oversee the winding up of the company and confirmed that all staff have been made redundant.
Fairline
A manufacturer of luxury yachts has been placed into administration less than two months after being sold to new investors.
Fairline Yachts based in Northamptonshire was first founded in 1967 and employs approximately 250 workers. It was sold to Arrowbolt Propulsion Systems last month and will continue to trade while administrators look for a new buyer.
A statement issued on behalf of the company said: “We’re thankful for the support and understanding of staff and there are no redundancies planned at this time.
“We’re pursuing a sale of the business and are confident of a substantial amount of interest given the recognised brand and strong heritage.”
Almost Famous
A well-known burger chain with sites in Manchester, Liverpool and Leeds has announced its closure stating that the current economic climate has proven too challenging to overcome.
Almost Famous was first established in Manchester’s Northern Quarter in 2012 and spread to two sites in the city although it closed an additional one in Withington last year. The Liverpool and Leeds locations would also be closing as a result.
A statement posted on the company’s website from owner Beau Myers blamed lingering debt from the Covid-19 pandemic, rising costs across the business and an overall tightening in people’s ability to spend in dining out had created “an impossible situation”.
He said: “Despite our best efforts, we’re no longer able to continue. Ironically, while our venues remain busy and our reviews are glowing, the financial pressures stacked against us have made it impossible to sustain the business – making this scenario even more heartbreaking.
“For over 13 incredible years, Almost Famous has been at the forefront of the burger and casual dining scene. We’ve served over a million burgers, hosted countless amazing guests, and had the privilege of working alongside some of the most talented and passionate people in hospitality. It’s been an unforgettable journey and we hope we’ve been able to create lasting memories, happy moments and plenty of smiles along the way.
“This isn’t how we wanted the story to end, but we are proud of everything we accomplished and the joy we brought to so many. And while we must say goodbye for now, we hold onto the hope that Almost Famous may return one day in some form.
Koala Karlous
A Plymouth based bagel and pizza chain restaurant has closed its doors due to insurmountable financial pressures.
Koala Karlous was launched from a van at Cornwall’s Fistral Beach in 2019 before expanding to locations in Plymouth, Falmouth, St Austell and a pop-up in South Kensington in London.
Owner Brandon Hargrave confirmed that all locations have ceased operations resulting in the loss of 50 positions. He blamed the downturn in the UK’s economic situation predicting a challenging future for more food businesses in 2025.
He said: “It was the economic climate: rising costs, taxes and everything. It became insolvent very quickly.
“We did everything we could, we ran events day and night and did yoga sessions. We put all our energy into it, worked 90-hour weeks, me and my partner Daisy worked around the clock seven days a week. We haven’t stopped for five years.
“It became extremely difficult to keep going. It’s happening to almost everyone, the small companies more than most. We did everything we could to avoid closing but there was no way around it.”
Feed The Minds
A UK-based international development charity that has spent over 60 years working on education, literacy and training projects in Africa and Asia has closed down.
Feed The Minds said that financial constraints have made it unsustainable to continue its impactful work in projects focusing on citizenship, economic empowerment and health education.
In the 2023/24 period alone, Feed the Minds reached over 10,000 direct participants and nearly 70,000 indirect beneficiaries through 11 projects spanning 10 countries.
Chair of the charity Sandy Sneddon said: “It is with a heavy heart that we announce the closure of Feed The Minds.
“While this is a difficult moment, we’re immensely proud of the legacy we leave behind – a legacy built on partnerships, creativity and integrity.”
The charity will officially cease operations on April 30th 2025. The remaining months will see efforts made to minimise the impact of the closure on stakeholders, staff, partners and beneficiaries.
Dovetail Group
A Solihull based facilities, waste management and fire protection firm has been purchased following a pre-pack deal safeguarding 102 positions.
Dovetail Group provides a range of facilities management services including environmental management, passive fire protection, commercial cleaning and landscaping.
They had experienced financial difficulties relating to a number of fixed-price contracts but were unable to secure further external financing.
A statement from the business said: “This deal represents a positive outcome for a long-established business wrestling with inflationary pressures and challenging trading conditions. A strong customer base and pipeline of projects made it an attractive acquisition and puts the business in a position to grow under new ownership.”
Whether this year has begun as strongly as Storm Eowyn or you’re still waiting for it to pick up, you don’t have to wait until the wind fills your sails – you can take action now to explore all the options available to you to make your business stronger.
Get in touch with us to arrange a free initial consultation with an expert advisor.
So no matter what your goals are for 2025, they’ll be able to work with you to make sure you can head towards them confident that you can reach them.